Summer cool off? Keep an eye on inventory heading into Fall/Winter!

 It's been a unique few months as bidding wars ran rampant, Sellers commanded premiums on any/all listings and any sort of Buyer side leverage slipped further and further away. However, don't feel daunted as tides may be turning. Continue to monitor active listings in your target areas and note how long it sits on the market before going under contract. Feel free to just call the listing agent and inquire about status as a heat check.

As the summer buying and selling cools, see what pops up in the fall and winter. You may be able to gain some leverage and still take advantage of lower rates.

Remember to be patient and set your own parameters. 

Call or text (preferred since we get so many robocalls now) us with any questions!

LA Real Estate Rebate

DRE#1948477

Overwhelmed with Real Estate Agent Options and Avoiding Procuring Cause

It's been a busy summer 2019 season given the recent rate drops and uncertainty revolving around the trade war with China. If you've been passively searching for a home for the past few months, you've noticed more and more listings come on the market. Homes that were listed high, continue to sit, while well priced homes in target areas still tend to go fairly quickly.

These days as potential buyers, you have an abundance of options! A number of startups and web platforms are offering you to connect with a number of highly rated local Real Estate Agents willing to perform a service at a discount or offer a significant commission rebate! This is how it should be as Agents should be competing for your business, but we want to make sure you remember 3 key things to protect yourself as you decide.

1. Do not sign anything! Avoid Exclusive Buyer Agency agreements!

2. Read up on procuring cause and avoid a dual agency scenario (unless you're interested in doing so)

3. Call/Email agents you come across on your search DIRECTLY rather than through a lead generation platform or portal. It's an extra step but could impact your savings.

That's enough material for now, but call us anytime if you have any questions or want to dive deeper into the exciting and riveting world of real estate transactions! :)

Serving Los Angeles, Orange Counties and helping buyers and sellers save where they can.

We're also rolling out a new feature that our existing savvy Buyers may be interested in. Call us at 323 689 9133 to learn more!

LA Real Estate Rebate

Competitive markets remain just that: El Sereno Spotlight

With the popularity of Highland Park, Mt Washington and neighboring Glassell Park driving up prices, prospective Buyers are heading south of Alhambra and entering the El Sereno and City Terrace communities. Pricing in the $400k-$500k spectrum is particularly competitive with properties receiving multiple offers from owner occupants and cash investors alike.

Established suburban communities with solid school districts like Cerritos, La Palma, and Cypress are seeing more activity as Spring approaches and rate fall down to more reasonable levels. Will be interesting to see where prices land during the start of the Summer buying session as quality homes in the preferred districts are still grabbing eyeballs, whereas sellers holding out for a higher premium tend to stay on the market for longer.

A few popular listings to monitor below

13651 Felson Ave in Cerritos

13582 Edgefield Ave in Cerritos

We've been assisting a number of clients in the North Orange County area recently and happy to share some additional insight if you're transitioning out of LA and into the suburbs.

Happy value hunting!

LA Real Estate Rebate

What a difference a year makes! Happy 2019

We've been extremely busy this past yer and after realizing our last post was in December of 2017, thought we'd chime in again with what we're seeing in the LA/OC markets! Rates peaked during the tail end of 2018 and have dipped back down to early 2018 levels, which likely caused the winter lull. Buyers and Sellers both exercised caution as they head into 2019, waiting to see what unfolds.

Be patient, run your numbers and try to extract value where you can. If you've found your way to this page you're already a step ahead with regards to offsetting transaction costs. We're always happy to answer any questions you may have so feel free to reach out anytime.

Real Estate Commission Rebate and reduced transaction costs are becoming the standard, so please do yourself a service and inquire about them.

Happy house hunting or selling this 2019!

LA Real Estate Rebate

Redfin Rebates Decreasing. Find a Better Deal!

Redfin seems to be targeting sellers and advertising their "concierge" service hoping to attract sellers interested in a reduced listing commission of 1% (2% to stage and touching up your home) while still offering 2.5% to the agent representing a Buyer. They may be losing market share with regards to representing Buyers here in Los Angeles to Open Listings, which offers a 50% rebate (essentially 1.25% based on a 2.5% commission).

We've also noticed that when using a Redfin Agent (who works for the Redfin corporation), you'll be receiving a lower commission rebate as well. And recently, when using a Redfin Partner agent (Independent Agents/Brokers who receive referrals from Redfin). Buyers will no longer be receiving the $500 closing gift going forward.

What this means is that Buyers and Sellers have numerous options to negotiate a reduced commission (or increased Rebate) without having to sacrifice quality of service.

Good luck out there everyone!

First and Most Important Thing To Do As a First Time Home Buyer

As the end of 2017 draws near, many of us are beginning to highlight target goals for 2018. Not far behind getting back in shape and living healthier, is the idea of possibly purchasing a home. What stems is usually a conversation of regarding prospective cities, target school districts and particular styles. However, before you spend many a Sunday afternoon visiting open houses and driving around prospective neighborhoods, there is just one thing you must do first that many Buyers often put off until they've identified a particular property.

Step 1 of 1. Reach out to a lender so you can discuss how much you are pre-approved for. You don't need to have your credit checked (for those that are worried about credit inquiries) at the onset as any reputable lender should be able to give you a spectrum based on your documented income. What this will also force you to do is prepare your finances in advance, which will save you a lot of time and stress later on down the road.

No need for checklists or Top 3 lists here. If you're interested in purchasing a home in the future, connect with a lender (and perhaps also sign up for credit karma so you have an idea as to where your credit profile is). If the lender wants to run your credit, politely decline and say that you'll do so when you're closer to making an offer, but you just wanted to discuss qualifications based on your current income.

Any Realtor you happen to meet or connect with will have preferred lenders that they'd be happy to refer as the loan underwriting process can make or break any future real estate transaction.

Hope that helps!

Redfin vs OpenListings vs PurpleBricks - The more options the better for Buyers and Sellers

With the rise of sites like Redfin, OpenListings and PurpleBricks, many of our clients and first time home buyer and seller inquirers often start with, which platform should I go with and why should or shouldn't I use this particular service? The more options you have as a Buyer or Seller, the better, as Real Estate agents will hopefully compete for the opportunity to represent you in a transaction, ideally resulting in higher levels of service and greater possibilities of fee reductions or commission rebate opportunities. However, we want to remind everyone that you don't need to limit your options to a few platforms/firms in order to get what you want because everything, from listing fees to rebate incentives are negotiable.

Below are some helpful tips in case you're interested in learning more about the sites above work. We definitely encourage you to reach out directly and compare/contrast offerings purely from the costs/commissions standpoint.

As a Buyer:

1. Redfin's rebate structure fluctuates and seems to have decreased in order to make for the discount in listing fees in order to capture market share.

2. PurpleBricks also offers a flat $1000 rebate amount (less than other competitors)

3. OpenListings offers a 50% rebate (splitting half of the cooperating broker's commission and rebating half to the prospective Buyer)

As a Seller

1. Redfin currently advertises a 1% listing commission, but neglects to also mention that an additional 2.5%-3% will be offered to a cooperating broker/agent that brings an offer.

2. Purple Bricks charges a flat fee to list $3,200 + 2.5% to the cooperating broker, but while the flat fee is less, consumers have mentioned that the the principal is required to pay the fee regardless of whether the home sells or not. (i.e. if the home doesn't sell after a certain period and you decide to switch brokers)

3. Open Listings focuses primarily with Buyers

As more options present themselves, Buyers and Sellers will continue to benefit from the reduction in fees and increases in transparency and efficiency. However, we still recommend that the best way to evaluate value is to directly negotiate with any Real Estate Agent you meet. There is no use paying for the same basket of services, especially when you can leverage these publicly advertised offerings as your minimum criteria just to get to the negotiating table.

Happy Friday and will check back in after a glorious Thanksgiving holiday.

Stay informed and keep the questions coming!